January 22, 2010

Do You Tell Your Kids the Truth about Money?

T Rowe Price

When your kids ask, do you share the raw truth about how much you make, the cost of family bills or how much money you have saved in the bank? Would doing so help them understand why another plastic toy is a bad idea, or why they should turn out the lights when they leave a room?

Financial expert Suze Orman recommends being open about such matters. Lisa Belkin at the New York Times Motherlode parenting blog, on the other hand, says she doesn't tell, but she doesn't quite know why.

What about you?


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Sofia Britts

I think it's best for parents to be honest to their children about the family's financial capabilities. When kids are let to assume that their parents can do this and buy that, they can become too dependent and complacent. But of course, you shouldn't tell everything. I mean, you don't want them to worry about not having enough money to send them to school or celebrate their birthday.

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